Dear Editor,

A recent DAILY TRIBUNE report on the Department of Trade and Industry’s (DTI) approval of a new suggested retail price (SRP) for 77 basic goods and commodities has sparked renewed uncertainties for the public.

And who wouldn’t worry? These new SRPs are already leading to price increases for a wide range of products, including canned sardines, milk, coffee, instant noodles, bread and others. While some products have lower SRPs, there is a notion that manufacturers were not consulted before the release of the SRP list.

The price hikes come at a time when consumers are already struggling with rising inflation. The Philippine Statistics Authority reported that inflation rose to 8.1 percent in December 2022, the highest level in 14 years. This is due to a number of factors, including rising global oil prices, the war in Ukraine, and the weakening Philippine peso.

While the DTI has defended the price hikes by saying they are necessary to reflect the rising costs of production, consumers are feeling the pinch of these increases, and many are struggling to make ends meet. For one, it is seemingly another burden for the public, as this comes alongside the rising prices of rice in the country.

What the government should do is provide more support to low-income families. This can include increasing social welfare programs, expanding access to affordable housing, and providing subsidies for essential goods and services.

The government also needs to work with businesses to keep prices down by providing tax breaks to businesses that invest in increasing productivity and encouraging competition in the marketplace.

There is no doubt that the rising cost of living is a serious problem affecting millions of Filipinos. Therefore, there is no other recourse but for the government to take action to address this issue and ensure that all Filipinos have access to the basic necessities of life.

I also think the government could consider implementing price controls on essential goods and services. This would help keep prices down and protect consumers from exploitation.

Another way to address this is to encourage businesses to adopt more sustainable practices. This can help reduce the cost of living by decreasing the demand for fossil fuels and other non-renewable resources.

The rising cost of living is a complex problem with no easy solutions — that’s a fact we have to live with. However, the government can take steps to mitigate the impact of these price hikes on consumers.

By providing more support to low-income families, working with businesses to keep prices down, and implementing price controls and sustainable practices, the government can help make life more affordable for all Filipinos.

Sincerely,

Gabie Esquierra

esquierra.gab1979@gmail.com